Market News - 26 Aug 2009

U.S. and European Market Roundup

• The DJIA up 30.01 points to 9,539.29 points.
• U.S stocks rose on Tuesday as economic data and the renomination of Federal Reserve chief Ben Bernanke reassured investors and offset concerns about red ink in the federal budget.
• European shares hit their highest close since October on Tuesday after better-than-expected U.S house prices and consumer confidence data lifted investor spirits, with oils and banks rebounding from earlier losses.

Macro and Corporate New

• Bank Negara Malaysia has left borrowing cost unchanged at 2%, citing improvements in domestic and global economic and financial conditions.
• Maybank reported its lowest annual net profit in a decade after it wrote down the value of its overseas banks. Net profit for the year to June 30 2009 came in at RM691.9 mln, some 76% lower than the previous year's RM2.9 bln.

Market News - 25 Aug 2009

U.S. and European Market Roundup

• The DJIA up 3.32 points to 9,509.28 points.
• U.S stocks ended the day barely changed on Monday as investors took a break from a four-day rally that lifted major indexes to 10-month highs. Wall Street initially charged higher, but a sharp gain in U.S Treasury debt prices, which drove benchmark yields lower, triggered a sell-off in stocks.
• European shares hit their highest closing level in more than 10 months on Monday, boosted by banks and miners, with recent economic data and positive comments from some central banks prompting investors to grab risky assets.

Macro and Corporate New

• Yesterday, Tan bought another 11.23 mln shares, or 18.14%, in GBH for RM16.84 mln, or RM1.50 a share. CIMB said those who had accepted the offer at RM1.25 apiece would be entitled to receive the revised offer price of RM1.50, up from RM1.25 before.
• RHB Capital said its second quarter net profit rose 11% to RM301.53 mln from a year ago, driven mainly by its Islamic banking business.

Market News - 20 Aug 2009

U.S. and European Market Roundup

• The DJIA up 61.22 points to 9,279.16 points.
• U.S. stocks rose on Wednesday, shaking off a slide in China's equity market, as investors responded favorably to a surprising drop in crude oil stockpiles that might suggest an improving demand outlook.
• European equities ended lower on Wednesday, with banks and autos leading the fall, as investors scaled back their trading positions after heavy losses in Asia and on concerns about the pace of the global economic recovery.

Macro and Corporate New

• Property developer Mah Sing Group posted a 38% drop in its fiscal second-quarter net profit from a year ago, as last year's gain is boosted by a large property sale.
• TDM, a plantation group owned by the Terengganu state government, is investing RM114 mln to set up its fourth hospital and meet growing demand for healthcare on the east coast.
• Kencana Petroleum's wholly owned subsidiary, Kencana HL Sdn Bhd has been awarded a contract from Afcons-Gunanusa joint venture, a company based in Mumbai, India for the construction of jackets for offshore process platform..

Market News - 19 Aug 2009

U.S. and European Market Roundup

• The DJIA up 82.60 points to 9,217.94 points.
• U.S stocks rose on Tuesday, rebounding after sharp losses in the previous session, as better-than-expected results from big retailers encouraged investors to get back into the market.
• European equities ended higher on Tuesday after hitting a two-week low in the previous session, with stronger crude oil prices supporting energy shares and Swedbank leading the banking sector higher.

Macro and Corporate New

• Malaysia saw manufacturing sales dip 25.5% in June 2009 to RM39.3 bln compared with a year ago, led by a drop in basic iron and steel products.
• Proton Holdings's net profit in the first quarter to June 30 2009 rose marginally to RM54.6 mln from RM52.0 mln a year ago despite the slightly lower sales volume.
• Transmile Group's net loss narrowed to RM449,000 in the second quarter to June 30 this year, from a net loss of RM21.0 mln a year ago. This is helped by unrealised foreign exchange gain of RM11.2 mln on U.S Dollar loans.

Market News - 18 Aug 2009

U.S. and European Market Roundup

• The DJIA down 186.06 points to 9,135.34 points.
• U.S stocks suffered their worst loss in seven weeks on Monday as weak data from Japan dampened hopes about the economy's growth.
• European shares fell to their lowest close in more than two weeks on Monday, as investors took profits, worrying that a recent rally was not supported by economic data.

Macro and Corporate New

• Pos Malaysia's net profit for the second quarter to June 30 this year eased marginally to RM15.9 mln from RM16.6 mln a year ago while revenue, however, rose to RM227.3 mln from RM223.2 mln in the same quarter in 2008.
• Alliance Financial Group's net profit dropped by more than half in its fiscal first-quarter, due to lower operating profit, higher allowance for losses on loans and higher provision for impairment on an investment security.

Market News - 17 Aug 2009

U.S. and European Market Roundup

• The DJIA down 76.69 points to 9,398.19 points.
• U.S stocks fell broadly on Friday, as the major indexes snapped a four-week streak of gains after weak consumer sentiment data fueled concerns about the strength of an economic recovery.
• European shares fell on Friday, ending four weeks of gains, pressured by weak U.S consumer confidence data, which raised questions about the pace of recovery in the world's largest economy.

Macro and Corporate New

• Parkson Corp Sdn Bhd will increase its total retail space by 11% this year with the addition of four new stores. The four new openings, costing some RM18 mln to RM20 mln, will see Parkson operating 36 stores with a combined retail space of 3.7 mln sq ft.

Market News - 08 Jul 2009

U.S. and European Market Roundup

• The DJIA down 161.27 points to 8,163.60 points.
• U.S stocks fell to their lowest level in 10 weeks on Tuesday as talk of a second government stimulus plan heightened fears that the economy is not yet on the path to recovery and that the corporate earnings season starting this week will be weak.
• European equities ended down for a fourth straight session on Tuesday, led lower by utilities and energy shares, as investors remained nervous ahead of earnings figures and worries about the pace of global economic recovery.

Macro and Corporate New

• Property developer Glomac is cutting its property sales target by half for fiscal 2010 as demand falters due to the global economic downturn, a top executive said yesterday.

Market News - 07 Jul 09

U.S. and European Market Roundup

• The DJIA up 44.13 points to 8,324.87points.
• The Dow rose and the S&P 500 rebounded in late trading on Monday as investors' concerns about the strength of an economic recovery triggered a move into defensive stocks.
• European shares fell for the third straight session on Monday on renewed worries about the sustainability of economic recovery foreseen in recent sentiment surveys on both sides of the Atlantic and in China.

Macro and Corporate New

• LTKM, a poultry company, plans to invest RM15 mln to set up a glass processing plant in Klang, Selangor, to diversify its income base.
• UMW Holdings said a client, PCPP Operating Co Sdn Bhd, has terminated a RM601.8 mln contract for its Naga 2 jack-up drilling rig.

Market News - 01 Jul 2009

U.S. and European Market Roundup

• The DJIA down 82.38 points to 8,438.39 points.
• U.S stocks fell on Tuesday as an unexpected drop in consumer confidence cooled recent optimism about an economic recovery, but Wall Street still closed out its best quarter in a decade.
• European shares fell on Tuesday, led lower by banks and energy companies, after U.S consumer confidence readings proved weaker than expected.

Macro and Corporate New

• AirAsia is looking at raising about RM500 mln by placing out up to a fifth of its shares to private investors to pay off some debt, says its CEO.
• AMMB Holdings is considering plans to raise about RM400 mln in innovative Tier-1 capital, or the most liquid capital, for the commercial and Islamic bank in the next few months, a top official said.

Market News - 30 June 2009

U.S. and European Market Roundup

• The DJIA up 90.99 points to 8,438.39 points.
• U.S stocks rose on Monday as higher oil prices lifted shares of energy companies and fund managers snapped up this quarter's winners to burnish their portfolios.
• European shares closed higher on Monday with financials given a boost by broker upgrades and rising crude prices lifting energy stocks.

Macro and Corporate New

• Tanjong plc's net profit for the 1QFY10 ended April 30 dipped 4.8% to RM191.4 mln from a year earlier as it recorded, among others, a net investment loss of RM3.1 mln versus net investment income of RM74.3 mln in 1Q09.
• Berjaya Corp (BCorp) posted a net loss of RM113.9 mln for the 4Q09 ended April 30 compared with a profit of RM235.9 mln a year ago due to impairment losses of about RM90.4 mln.

Market News - 29 June 2009

U.S. and European Market Roundup

• The DJIA down 34.01 points to 8,438.39 points.
• U.S stocks capped a choppy week of trading with a mixed finish Friday after the Commerce Department reported that personal spending, incomes and savings all rose in May.
• European shares reversed gains and turned negative in early afternoon trade on Friday as U.S stock futures retreated after a brief rise as U.S personal income increased more than expected.

Macro and Corporate New

• Kumpulan Perangsang Selangor’s (KPS) 30%-owned Syarikat Pengeluar Air Sungai Selangor Sdn Bhd (SPLASH) has received a revised offer totaling RM2.97 bln from the Selangor Government for its water assets and operations.
• Perisai Petroleum Teknologi will build several mobile offshore production and storage units (MOPSU), costing some RM248 mln each for the development of small and marginal fields.

Market News - 26 Jun 2009

U.S. and European Market Roundup

• The DJIA up 172.54 points to 8,472.40 points.
• Investors rushed back into stocks as profits at a handful of companies indicated the economy might be gaining strength.
• European shares closed lower on Thursday as banks and drugmakers fell and investor sentiment was hit by data showing the number of U.S workers filing new claims for jobless benefits unexpectedly rose last week

Macro and Corporate New

• Gamuda's third-quarter profits dropped by 40% to RM46.30 mln because of lower contribution from construction, property development and infrastructure concessions. In the three-month period ended April 30, the builder posted RM579.37 mln revenue from RM574.70 mln a year ago.
• Petra Perdana is allocating some RM1.09 bln to buy 14 new vessels that are due to be delivered within the next 18 months.

Market News - 25 June 2009

U.S. and European Market Roundup

• The DJIA down 23.05 points to 8,299.86 points.
• The Dow fell for the fourth day and other indexes ended well off the day's highs after the Federal Reserve reiterated concerns about the economic outlook at the end of its policy meeting.
• European shares closed higher on Wednesday, led by financials after the biggest-ever liquidity injection by the European Central Bank boosted hopes that the effort could help pull the euro zone economy out of a recession.
• Berjaya Media's (BMedia) net profit for the 16 months ended April 30 amounted to RM36.7 mln mainly due to the operating profit contributed by its unit SunMedia Corporation Sdn Bhd and also the recognition of exceptional gain arising from the disposal of Edge Communications Sdn Bhd.

Macro and Corporate New

• Developer MK Land Holdings is partnering two other companies for a RM3.0 bln residential development project in northern Bangalore, India.
• Malaysian Resources Corp (MRCB) will be launching its property brand and unveil the second phase of its pioneer project at Bandar Seri Iskandar in Perak on Saturday.

FKLI Technical Analysis - 24 Jun 2009

FKLI traded higher today in tandem with regional's bourses. FKLI closed 10.5 points higher @ 1057.5.

Bollinger band width slightly contracting with candle below middle BB. MACD begin to form rounding with RSI begin moving upwards.

Depends on DJIA closing overnight, FKLI should continue its uptrend the next day if DJIA closed green overnight. Support @ 1049.5, 1037 while resistance @ 1061, 1066, 1070.

Market News - 23 June 2009

U.S. and European Market Roundup

• The DJIA down 200.72 points to 8,339.01 points.
• U.S stocks tumbled, sending the S&P’s 500 Index down the most in two months as the World Bank said the recession will be deeper than previously forecast.
• Elsewhere, European shares hit a five-week closing low with weaker crude oil and metals prices pressuring commodity stocks and a World Bank report on the state of the global economy dampening market sentiment.

Macro and Corporate New

• Berjaya Land (BLand) posted a net loss of RM53.98 mln for the 4Q09 ended April 30 against a net profit of RM631.68 mln in the previous corresponding period, mainly due to lower revenue contribution from its gaming, hotel and resorts as well as property development divisions.
• Kencana Petroleum’s net profit rose 25% to RM27.64 mln in the 3Q09 ended April 30, but revenue dipped to RM290.17 mln from RM298.12 mln in the previous corresponding quarter.

Market News - 19 June 2009

U.S. and European Market Roundup

• The DJIA up 58.42 points to 8,555.60 points.
• U.S stocks closed mostly higher but down from their highs of the day Thursday following three straight days of losses as the Labor Department said continuing jobless claims decreased by 148,000 to 6.69 mln, the first drop since January, even after weekly initial claims increased 3,000 to 608,000.
• European stocks rose, with the Dow Jones Stoxx 600 Index rebounding from its longest stretch of losses since February, as U.S reports on leading economic indicators, manufacturing and jobless claims suggested the global recession may be near a bottom

Macro and Corporate New

• Kencana Petroleum, through its wholly owned subsidiary, Kencana HL Sdn Bhd has been awarded RM35 mln contract from PCPP Operating Company Sdn Bhd for the fabrication of offshore platform facilities in offshore Bintulu, Sarawak.
• Telekom Malaysia (TM), the country's biggest fixed-line phone company, expects its wholesale business to contribute 15% of its total revenue in three years. Wholesale revenue, which grew by 8.7% to RM212 mln in the first quarter, currently represents 10 per cent of the group's total revenue.

FKLI Technial Analysis - 18 June 2009

FKLI closed lower for another day as Wall Street offered no fresh leads for Asian markets. The closely monitored Dow Jones Industrial Average moved in and out of positive territory throughout the trading day before closing almost unchanged overnight.

Trading in Asian stock markets was lacklustre. Buying momentum slowed as investors appear to be moving to the sidelines while selling pressure was also muted in the absence of significant developments.

FKLI bollinger band continouesly contracting with candle went below middle BB. It turns middle BB become the immediate resistance for FKLI. As long as BB width not expanding with candle below middle BB, FKLI downside risk is minimal.

Support = 1050, 1037.5, 1034.5

Resistance = 1065, 1068.5, 1074

HAPPY TRADING!!

Market News - 18 June 2009

U.S. and European Market Roundup

• The DJIA down 7.49 points to 8,497.18 points.
• U.S stocks fell for a third straight day after Standard & Poor’s downgraded the credit ratings of 18 banks, overshadowing gains in health-care shares as Congress prepares legislation to overhaul the industry.
• European shares fell for the fourth straight session on Wednesday amid doubts about a return to economic growth, which hammered commodity stocks, and with banks in the red on fresh concerns about U.S. financial sector health.

Macro and Corporate New

• Scomi Engineering, the energy and logistics engineering subsidiary of Scomi Group, is one of two front-runners to win a RM3.5 bln monorail project in Riyadh, Saudi Arabia, industry sources said. The other candidate is a partnership between Saudi Binladin Group and Japan's Mitsubishi Corp.

Market News - 17 June 2009

U.S. and European Market Roundup

• The DJIA down 107.46 points to 8,504.67 points.
• U.S stocks slipped on after news of a seventh straight monthly drop in industrial production overshadowed better-than-expected reports on home construction, building permits and inflation.
• European shares fell marginally on Tuesday, with weak banking shares offsetting a rise in defensive sectors, and amid mixed signals for economic recovery.

Macro and Corporate New

• Property developer KYM Holdings is expected to sign an agreement as early as next week to help build a RM300 mln medical complex in Malacca, its Group Managing Director Datuk Raymond Chong Thin Choy said.
• Perisai Petroleum Teknologi plans to raise up to RM40 mln in a private placement for working capital and to repay debt.

Market News - 16 June 2009

U.S. and European Market Roundup

• The DJIA down 187.13 points to 8,612.13 points.
• U.S stocks tumbled, marking their worst slide in a month on Monday after regional manufacturing data dented optimism about the economy's health and resource shares fell alongside commodity prices.
• Elsewhere, European shares closed lower with financials the main drag as the European Central Bank (ECB) said euro zone banks may face further writedowns, while commodity stocks fell as crude and metal prices retreated. Bank stocks weighed heavily on the index.

Macro and Corporate New

• Scomi Engineering said it will bid for the first phase of the RM21.2 bln monorail project in Brazil next month.
• Berjaya Sports Toto (BToto) has declared a 11.0 sen fourth interim dividend for the year ended April 30, bringing a grand total of 29 sen for the FY09 or some 77.1% of its attributed profit to shareholders.